Margamas to sell shares

Margamas to sell shares

JAKARTA (JP): A property company, PT Margamas Griya Realty,
plans to sell about 30 million new shares or about 30 percent of
its enlarged capital at the beginning of 1998 to raise funds to
develop its projects.

The company's chief executive officer, Tjundoko, was quoted
yesterday by the Business Indonesia daily as saying the company
would use the share issuance funds to expand its superblock in
Surabaya, East Java, and to build a hotel in Pandeglang, West
Java.

He said the 8-year-old company, now holding total assets of Rp
170 billion (US$69.72 million), had made a profit over the last
few years but he refused to give further details. (13)